Finweek English Edition - - THE WEEK -

MTN paid for­mer CEO Si­fiso Dabengwa a golden hand­shake of R23.7m, equal to his ba­sic salary of nearly three years, and bring­ing his to­tal pay for 2015 to R40.6m, ac­cord­ing to the group’s an­nual re­port. Dabengwa re­signed in Novem­ber 2015 af­ter MTN was ini­tially fined $5.2bn by the Nige­rian reg­u­la­tor af­ter it failed to com­ply with new reg­is­tra­tion rules. The Pub­lic In­vest­ment Cor­po­ra­tion, MTN’s big­gest share­holder, slammed the pay­ment, de­scrib­ing it as a “gross mis­use of share­holder funds”, Bloomberg re­ported. MTN is still in ne­go­ti­a­tions with the Nige­rian au­thor­i­ties about the fine, which has since been re­duced to $3.9bn.

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